These numbers are all but certain to keep the Fed on track to cut interest rates later this month.
The numbers: The economy added just 130,000 new jobs in August, marking the smallest increase in three months and offering more evidence that hiring has slowed amid a broadening trade dispute with China that’s disrupted the U.S. and global economies.
With so many people on vacation, the number of respondents to the government’s monthly questionnaire is often the lowest of the year. As more responses are returned, the government usually ends up revising job growth higher. What happened: Professional and business services led the way again in hiring by adding 37,000 new jobs. Health-care providers boosted employment by 24,000 and financial companies created 15,000 new positions.
The amount of money the average worker earns shot up 11 cents to $28.11 an hour, keeping the increase over the past year at a healthy 3.2%. Wage gains look even stronger over the past three months, suggesting that inflation could creep higher in the months ahead if that keeps up.The U.S. had added an average of 150,000 new jobs a month in the past six months, down from 232,000 at the beginning of the year.
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